Do I need to provide my broker with my TFN?

[Mika]

Hey All,

When I buy shares through my online-broker am I meant to provide my tax file number? If so, to whom?

Just want to make sure I don't get taxed too much

Cheers!

 

[Sean K]

Re: TFN

Hey All,

When I buy shares through my online-broker am I meant to provide my tax file number? If so, to whom?

Just want to make sure I don't get taxed too much

Cheers!

Hmmm, I thought you had to provide it to get the account set up in the first place....

 

[Mika]

Re: TFN

I just recently completed the papwework for commsec but don't recall being asked to provide my TFN anywhere....

 

[JoshyJ]

Re: TFN

You dont have too. But if you dont you get taxed at the highest rate.

 

[Mika]

Re: TFN

You dont have too. But if you dont you get taxed at the highest rate.

But who do I register it with?

 

[bigt]

..taxed by who? I thought you took your profits (or losses) and just declared them at tax time..and paid capital gains/losses on that amount? Are you saying the online broker i.e commsec, taxes your profits upon sale of a stock?

 

[rozella]

The TFN is required by the registrar, otherwise they will take withholding tax from any dividends (48.5% I think it is still)......you can get it back at tax time but the money may as well be in your pocket & it saves the hassle.

You only need to provide your TFN if you intend to receive dividends.

The best way is to bypass the broker & register your self online (in most cases) with the appropriate registrar, especially if you buy close to exdiv date. It sounds messy, but I do it almost every day & its just becomes part of every day trading.

 

[bigt]

Thanks Rozella...didn't think about divs...have only traded non-div stocks.